Arabtec lifts Dubai index amid low volumes
Dubai index may continue to trade in narrow range for a couple of months, analysts say
Published: 18:46 May 25, 2015
By Siddesh Suresh Mayenkar, Staff Reporter
Dubai: The Dubai index edged lower on Monday led by Arabtec after the Egyptian government said the 1 million housing project was still being discussed. Abu Dhabi index ended almost flat.
The Dubai Financial Market General Index ended 0.44 per cent higher at 4,067.67, after losing more than 1.5 per cent in the previous session.
Arabtec shares ended 2.15 per cent higher at Dh2.38, keeping the markets
“Arabtec was the worst performer on Sunday and we saw a slight rebound on Monday, but there wasn’t much activity in overall markets,” Hisham Khairy, Head of Institutional Trading, MENACORP told Gulf News.
Gulf Finance House ended 3.51 per cent higher at Dh0.766, while Emaar Properties ended 0.87 per cent lower at Dh8.01.
Out of a total of 32 companies traded on the DFM, shares of 17 companies rose, while shares of 10 companies fell.
“Institutional participation was low and it was mainly retail participants which traded in markets,” Khairy said, adding
“We are not even in the Ramadan period and markets are already trading with low volumes, and it might get worse in the summer months,” Khairy said.
Shares worth more than Dh300 million were traded on Monday.
“I think Dubai index would continue to trade in the range of 4,000-4,250. The market would be very quiet going into summer. I think volumes would go low to as much as Dh100 million in coming months,” Khairy added.
The Abu Dhabi Securities Exchange General Index ended 0.2 per cet higher at 4,625.94.
Aldar Properties ended 0.36 per cent higher at Dh2.77, while Eshraq Properties ended more than 1 per cent higher at Dh0.78.
Out of a total of 32 stocks traded on the exchange, shares of 15 companies rose, while shares of 9 companies fell.
“Volumes are not decreasing on Tadawul, even as markets are flat,” Khairy said, adding “I don’t think Tadawul would go higher, and it won’t fall too. It’s going to be in a range.”
Saudi’s Tadawul all share TASI index ended 0.06 per cent lower or almost flat at 9,726.96.
Saudi Arabian Mining Company ended more than 2.5 per cent higher at 45 Saudi Riyals. Ma’aden said this month that its massive smelter run jointly with US group Alcoa, which had experienced several technical glitches on start-up, would produce above its initial capacity target this year, according to Reuters.
Elsewhere in the Gulf, Qatar Exchange Index ended 0.35 per cent lower at 12,399.49, while Muscat Securities MSM 30 index ended 0.04 per cent higher at 6,377.86.
Kuwait Stock Exchange Index ended 0.11 per cent lower at 6,304.11.